All jobs saved as furniture firm sold in pre-pack deal

All jobs at an international furnishing and logistics company have been rescued following the sale of the company out of administration.

The 35 employees at Serene Beds and Furniture – which operates from a 100,000 sq ft site at Hill Top Trading Estate in West Brom – will remain in post following the pre-pack administration sale, which was negotiated by Conrad Beighton and David Griffiths of Leonard Curtis.

The company – which supplies home furnishings and logistics across the UK, Central Europe and the Far East – had struggled with cash flow problems and long-term debts incurred during the COVID-19 pandemic, producing lower profit margins than originally forecast.

The sale of Serene Beds and Furniture was predominantly funded by its secured creditor via an invoice finance facility.

Beighton said: “This case brought about a number of challenges and issues throughout, but our approach to managing all stakeholder interests as best as possible was key.

“This was to ensure a pre-pack administration sale could be completed as this represented the best outcome for the company’s creditors as a whole.

“The funder provided financial support during the process to ensure the business could continue trading. This was essential as a sale could not have been achieved without it.”